nit Exercises 1 Question 1 Identify the financial statement (Balance Sheet, Income Statement, Statement of Retained Earnings, and/or Statement of Cash Flow) in which decision makers can find the following information. Hint: In some cases, more than one statement will report the needed data. Common shares Income tax payable Dividends Income tax expense Ending balance of retained earnings Revenue Cash spent to acquire equipment Selling, general and administrative expenses Adjustments to reconcile net income to net cash provided by operations Ending cash balance Current liabilities Net income . . . . Question 2 1. Fill in the missing amounts which correspond with a letter for each company. Alpha Beta Delta Beginning Assets $30 Liabilities 47 19 $2 Common shares 6 1 2 Retained earnings A 10 3 $78 F $48 30 Ending Assets Liabilities Common shares Retained earnings Dividends B $48 6 27 3 1 D 2 $9 G 2 4 0 Income Statement Revenues Expenses Net Income $216 211 C E $144 $20 19 1 SI 1043 INTRODUCTION TO FINANCIAL ACCOUNTING YORKVILLE UNIVERSITY www.YORKVILLEU Solution Missing Amount B C D E F G 2. At the end of the year, which company has the highest net income? Which company has the highest percentage of net income to revenue? Hint: A statement of retained earnings will help you with your calculations. Credit Question 3 Dr. Li's Family Dental has the following trial balance: Dr. Li's Family Dental Trial Balance December 31, 2016 Debit Cash $16,000 Accounts receivable 3,000 Supplies 14,000 Equipment 22,000 Land 50,000 Accounts payable Note payable Share capital Retained earnings Service revenue Salary expense 15,000 Rent expense 6,000 Interest expense 1,000 TOTAL $127,000 $29,000 20,000 10,000 8,000 60,000 $127,000 . 1. Compute the following amounts for Dr. Li's dental practice: Total assets Total liabilities Net income or loss during December Total shareholders' equity